Hospitality revenue manager

A hospitality revenue manager

Description

Hospitality revenue managers maximise revenue generated from facilities such as hotels,  holiday resorts and camping grounds by analysing trends and competition. They assist establishment managers in strategic decisions. Hospitality revenue managers analyse and optimise the financial potential of facilities and manage the corresponding staff.

Here are some typical duties of hospitality revenue managers:

  • Develop and implement pricing strategies to optimize room, service, and amenities revenue.
  • Utilize revenue management tools and systems to analyze data, market demand, and competitor pricing.
  • Monitor booking patterns, occupancy rates, and market trends to make real-time pricing adjustments.
  • Collaborate with sales and marketing teams to align pricing strategies with promotional efforts.
  • Conduct regular competitor analysis to stay informed about market positioning.
  • Forecast demand and develop strategies to maximize revenue during peak and off-peak periods.
  • Implement and manage distribution channels, including online travel agencies (OTAs) and direct booking platforms.
  • Analyze and report on key performance indicators (KPIs) related to revenue management.
  • Train and educate staff on revenue management principles and best practices.

Other titles

The following job titles also refer to hospitality revenue manager:

hospitality revenues manager
yield manager
hospitality yields manager
revenue manager

Working conditions

Hospitality revenue managers typically work in hotel or resort environments, collaborating with various departments such as sales, marketing, and operations. The role involves a mix of office work, data analysis, and regular communication with other teams. The working conditions may require flexibility to adapt to changes in demand and market dynamics.

Minimum qualifications

A bachelor’s degree in hospitality management, business, or a related field is often required for hospitality revenue manager positions. Strong analytical, strategic thinking, and communication skills are essential. Practical experience in revenue management, hotel operations, or related roles is valuable. Familiarity with revenue management software and systems is beneficial. Continuous learning, staying updated on industry trends, and attending relevant workshops or conferences contribute to the ongoing success of hospitality revenue managers in optimizing revenue for their establishments.

ISCO skill level

ISCO skill level is defined as a function of the complexity and range of tasks and duties to be performed in an occupation. It is measured on a scale from 1 to 4, with 1 the lowest level and 4 the highest, by considering:

  • the nature of the work performed in an occupation in relation to the characteristic tasks and duties
  • the level of formal education required for competent performance of the tasks and duties involved and
  • the amount of informal on-the-job training and/or previous experience in a related occupation required for competent performance of these tasks and duties.

Hospitality revenue manager is a Skill level 4 occupation.

Hospitality revenue manager career path

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Essential skills and competences

These skills are necessary for the role of hospitality revenue manager.

  • Produce statistical financial records: Review and analyse individual and company financial data in order to produce statistical reports or records.
  • Comply with food safety and hygiene: Respect optimal food safety and hygiene during preparation, manufacturing, processing, storage, distribution and delivery of food products.
  • Implement marketing strategies: Implement strategies which aim to promote a specific product or service, using the developed marketing strategies.
  • Monitor financial accounts: Handle financial administration of your department, keep the costs down to only necessary expenses and maximise the revenues of your organisation.
  • Manage staff: Manage employees and subordinates, working in a team or individually, to maximise their performance and contribution. Schedule their work and activities, give instructions, motivate and direct the workers to meet the company objectives. Monitor and measure how employees undertake their responsibilities and how well these activities are executed. Identify areas for improvement and make suggestions to achieve this. Lead a group of people to help them achieve goals and maintain an effective working relationship among staff.
  • Analyse booking patterns: Study, understand and predict recurring patterns and behaviours in booking.
  • Think analytically: Produce thoughts using logic and reasoning in order to identify the strengths and weaknesses of alternative solutions, conclusions or approaches to problems.
  • Develop financial statistics reports: Create financial and statistical reports based on collected data, which are to be presented to managing bodies of an organisation.
  • Apply numeracy skills: Practise reasoning and apply simple or complex numerical concepts and calculations.
  • Forecast occupancy demand: Predict the number of hotel rooms that will be booked, schedule occupancies and estimate demand forecast.
  • Ensure price competitiveness: Guarantee price competitiveness by setting the highest achievable revenue of your product or service while observing the prices of competitors and studying market strategies, conditions and evolutions.
  • Develop business case: Gather relevant information to develop a well-written and well-structured document that provides the trajectory of a given project.
  • Inspect data: Analyse, transform and model data in order to discover useful information and to support decision-making.
  • Develop revenue generation strategies: Elaborate methodologies through which a company markets and sells a product or service to generate income.
  • Ensure cross-department cooperation: Guarantee communication and cooperation with all the entities and teams in a given organisation, according to the company strategy.
  • Implement sales strategies: Carry out the plan to gain competitive advantage on the market by positioning the company’s brand or product and by targeting the right audience to sell this brand or product to.
  • Manage hospitality revenue: Oversee hospitality revenue by understanding, monitoring, predicting and reacting to consumer behaviour, in order to maximise revenue or profits, maintain budgeted gross profit and minimise expenditures.
  • Plan medium to long term objectives: Schedule long term objectives and immediate to short term objectives through effective medium-term planning and reconciliation processes.
  • Perform market research: Gather, assess and represent data about target market and customers in order to facilitate strategic development and feasibility studies. Identify market trends.

Optional skills and competences

These skills and competences are sometimes, but not always, required for the role of hospitality revenue manager. However, mastering these skills and competences allows you to have more opportunities for career development.

  • Coach employees: Maintain and improve employees’ performance by coaching individuals or groups how to optimise specific methods, skills or abilities, using adapted coaching styles and methods. Tutor newly recruited employees and assist them in the learning of new business systems.
  • Handle customer complaints: Administer complaints and negative feedback from customers in order to address concerns and where applicable provide a quick service recovery.
  • Quote prices: Refer to prices for the client by researching and estimating fare rates.
  • Maintain customer service: Keep the highest possible customer service and make sure that the customer service is at all times performed in a professional way. Help customers or participants feel at ease and support special requirements.
  • Conduct financial audits: Evaluate and monitor the financial health, operations and financial movements expressed in the company’s financial statements. Revise the financial records to ensure stewardship and governability.
  • Develop working procedures: Create standardised series of actions of a particular order to support the organisation.
  • Train employees: Lead and guide employees through a process in which they are taught the necessary skills for the perspective job. Organise activities aimed at introducing the work and systems or improving the performance of individuals and groups in organisational settings.

ISCO group and title

2431 – Advertising and marketing professionals


References
  1. Hospitality revenue manager – ESCO
  2. What Is a Revenue Manager? | Indeed.com
  3. Featured image: Photo by Emmy E
Last updated on December 13, 2023